All articles tagged with #economic disaster
President Trump warns of an 'economic disaster' if the Supreme Court does not uphold tariffs, claiming they are worth $17 trillion and crucial for the US economy, amid legal challenges and market volatility.
White House officials and Republican lawmakers are in a race to reach an agreement as the United States approaches its projected debt limit. The longer it takes to reach an agreement, the more turmoil there could be for the United States and the global economy. The deal taking shape would allow Republicans to point to spending reductions and Democrats to say they had prevented large cuts. The prospects of a compromise in the negotiations remain uncertain.
Treasury Secretary Janet Yellen has warned of an economic disaster if Congress fails to raise the debt ceiling before the June 1 "X-date." Yellen called on Congress to raise the debt ceiling and cautioned against negotiations "with a gun really to the head of the American people." Democrats and Republicans remain deadlocked on the issue, with neither side willing to budge. Some analysts have suggested that President Biden could invoke the 14th Amendment to raise the ceiling unilaterally, but Yellen urged Congress to do its job and avoid an economic catastrophe.
A small group of conservative budget experts is cautioning House Republicans that brinkmanship over the nation’s borrowing limit could lead to economic disaster, warning of severe financial ramifications even as their own party ignores their advice. The analysts have held hundreds of meetings, phone calls and Zooms with GOP House and Senate members and their aides over the past several months, rejecting the suggestions from the right that the debt ceiling can be breached without financial calamity.